The dominant digital asset appreciated slightly as rival cryptocurrencies such as ether and XRP eased after a multiday altcoin rally.
Bitcoin Edges up as Altcoins Lose Momentum
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BTC Ticks Upward as Altcoins Retreat
What goes up must come down, and that was the case on Tuesday as the altcoin rally that kicked off last week started showing signs of slowing. The two big alts, ether ( ETH) and XRP, were both down 1.40% and 2.20% respectively at the time of writing, according to data from Coinmarketcap. Conversely, bitcoin (BTC) inched up by roughly 0.81% since yesterday, going against the grain in a market that is currently down 0.42% overall.
There were only two cryptocurrencies in the black out of the top ten largest coins, BTC and solana ( SOL). The rest of the pack saw small to medium declines in price, cooling somewhat after a multiday rally that started last week and pushed Coinmarketcap’s Altcoin Season Index to 56. The index pits the price performance of the top 100 cryptocurrencies against bitcoin’s performance over 90 days. Once the index hits 75, altcoin season has officially begun. For now, the index is sitting at 50, after bitcoin reclaimed some of the market share it lost over the past few days.
Overview of Market Metrics
Bitcoin is currently trading at roughly $118,711.71, up by 0.81% since yesterday and 1.09% since last week. The asset has hovered between $116,233.23 and $119,603.76 over the past 24 hours.
Trading volume for the day rose 9.54% to $76.18 billion, and bitcoin’s market capitalization increased by 0.75% to $2.36 trillion. BTC dominance climbed as high as 61.14% earlier today, but is currently at 60.91% at the time of publication, a 0.58% increase over 24 hours.
The total value of open BTC futures contracts over the past 24 hours climbed slightly by 0.44% to $85.13 billion, according to Coinglass. Total bitcoin liquidations since yesterday stood at approximately $104.25 million. Liquidations were relatively balanced between longs and shorts, with the former coming in at $44.59 million and the latter at $59.66 million.
